Happy New Tax Year: Tax Card 2023/24
Tax rates and allowances fundamental to our business and personal lives.
2023/24 Tax Brackets Revealed - How Much Will You Pay?
2022-23 featured an array of tax and benefit changes, including the introduction then cancellation of a major tax rate rise, and three big cash payment schemes to help cover living costs.
Tax and benefit policy in the financial year 2023-24 may prove to be less fickle, and it is our aim to communicate clearly to clients precisely what is happening.
Given the sky-high inflation of 2022, the key changes in April 2023 will include a notably large benefit increase and a particularly significant tax threshold freeze.
The twin crises of Covid-19 and energy-price-driven inflation have had many impacts on tax and benefit policy.
The need to service higher debt interest bills – among other factors – is taking tax as a share of GDP from 33% in 2019-20 to around 37% in 2022-23 and 2023-24, and specific spending policies are doing a critical job in supporting households through the cost-of-living crisis.
Tax Card 2023/24
Our team at Gow and Partners have compiled an easy-to-read tax card, which will give you a full breakdown of the figures for the new financial year.
The rates covered apply to the UK and Northern Ireland, unless stated otherwise.
To view the document, simply click here here.
Document Contents:
- Income Tax Allowances
- Income Tax Bands and Rates
- Vehicle and Fuel Benefits-in-Kind
- Tax-Free Millage Allowances
- Capital Gains Tax
- Inheritance Tax
- UK Company Taxation
- Capital Allowances: Initial Allowances and Writing-Down Allowances
- VAT
- Research and Development (R&D)
- Tax-Efficient Investments
- Registered Pensions
- Stamp Duty
- Property Taxes
- National Insurance
Important Notice
The rates and allowances covered are based on fiscal Statement and Budget announcements made by the UK and Northern Ireland, Scottish and Welsh Governments and are for information only.
All information is subject to change before 6 April 2023 and confirmation by the respective governments. The content covered must not be considered advice, and no warranty is given for the accuracy or completeness of the details.
Professional advice should be sought before making any decisions. If you have any queries regarding the changes and what they will mean for your business, do get in touch with our team at Gow and Partners.
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